China central bank to skip open market operations today: statement

FILE PHOTO: A Chinese national flag flutters outside the headquarters of the People's Bank of China, the Chinese central bank, in Beijing, China April 3, 2014.Petar Kujundzic/File Photo

SHANGHAI (Reuters) - China's central bank said it will skip open market operations on Wednesday, for the fourth consecutive day, as liquidity levels in the banking system were "relatively high".

"Fiscal expenditure was increasing toward the month-end, countering maturing reverse repos, with liquidity in the banking system staying at a relatively high level," the People's Bank of China said in an online statement.

Maturing reverse repos will drain a net 50 billion yuan ($7.34 billion) from the market for the day.